GERMANY 21: REGIONAL OFFICE INDEX

Transcription

1 GERMANY 21: REGIONAL OFFICE INDEX Asking Rents in German Key Regional Cities 5th Edition Focal City Dortmund The Germany Specialist 2013 Status 9/2013

2 CORPUS SIREO CONTENT Market Overview & Key Ratios 3 Index Performance 10 Benchmark Comparison Asset Age Groups in Overview City Trends Focal City Dortmund 20 Interview with Lord Mayor Ullrich Sierau 22 Methodology 26 About empirica and CORPUS SIREO 28 Contact 32 2

3 Overview GERMAN OFFICE PROPERTIES REMAIN IN FOCUS FOR INVESTORS Dear Reader, The persistently high transaction volumes on commercial real estate markets highlight the appeal of the German market for domestic and international investors. At more than EUR 25 billion, the transaction volume in 2012 reached the highest level seen in Germany since 2007, and it is expected to rise further by the end of Then as now, demand remains concentrated on office real estate. Given the sustained investor focus on prime assets and supposedly safe investments in Germany s Big Seven cities, the significance of regional office markets as alternative locations for prime real estate investments is growing. The focal city of this edition of the Regional Office Index is Dortmund, and the town s celebrated Bundesliga club demonstrates that regional German cities do play in Europe s premier league, in a manner of speaking. The GERMANY 21: Regional Office Index shows that the 14 so-called key regional cities have performed well in recent months, matching the pace of Germany s Big Seven cities. Looking forward, rental levels in the regional markets are expected to remain stable or to increase slightly. Unlike the fiercely contested investment markets of the metropolises, you can still find attractive entry-level prices and sustainably sound yield prospects within the regional office market. Optimal investment strategies are, however, generated by the mutual interaction between stable regional locations and the more volatile Big Seven cities. In both cases, profound market knowledge and regional networks represent the precondition for any success investment into these markets. Please enjoy your read! Roy Brümmer and Douglas Edwards 3

4 CORPUS SIREO LONG TERM GROWTH IN THE REGIONAL OFFICE MARKET CENTRES Sound economic fundamentals translate into great development opportunities for key regional cities Within the framework of a broad-based economy, the 14 cities of the GERMANY 21 index are characterised by growing office employment and stable demand for office accommodation. The locations included in the index were selected by applying the following criteria: With these criteria in mind, and specifically due to the minimum size requirements, no other locations were included in the present index, regardless of their positive growth dynamic. Here as elsewhere, CORPUS SIREO offers profound market knowledge and vast regional expertise. absolute size of the office market significance of office employment for the region s macro-economy excellent historic and auspicious future demand trends Change in office jobs in % below -15 % -15 % to -5 % -5 % to 5 % 5 % to 15 % above 15 % Key regional cities Examples of additional office location Big Seven cities Source: empirica PMA, BulwienGesa, Wirtschaftsförderung der Städte

5 Overview CHANGES IN OFFICE JOBS (in %) Brisk Grown in southern Germany KIEL ROSTOCK HAMBURG BREMEN BERLIN HANOVER POTSDAM MÜNSTER DORTMUND ESSEN LEIPZIG DÜSSELDORF DRESDEN ERFURT COLOGNE AACHEN BONN WIESBADEN FRANKFURT A. M. MAINZ MANNHEIM NUREMBERG KARLSRUHE STUTTGART AUGSBURG FREIBURG MUNICH 5

6 CORPUS SIREO PRIME RENTS STABILISE, VACANCY RATES SHOW MODEST UPTREND Bracket of Prime Rents Narrows, Leipzig pulling Level with Nuremberg Interpretation: With a prime rent of / sqm, Dortmund is topped only by Hanover, Mannheim and Wiesbaden. It is expected that the high take-up level of 2012 will decline in 2013, while the vacancy rates will continue to reduce. Aachen 1.8 Prime rent Return 6.3 Take-up 35 Vacancy 2.1 Bonn 4.0 Prime rent Return 5.5 Take-up 98 Vacancy 3.6 (Focal City, 2 nd edition) City Trend Office stock (YoY change) (GLA, in MM. sqm) Prime rent stable EUR/sqm/month Yield rising Prime yield (in %) Take-up declining Net absorption (in sqm) Vacancy Vacancies (in %) 6 Bremen 5.4 Prime rent Return 6.4 Take-up 81 Vacancy 4.9 Dortmund 3.2 Prime rent Return 6.2 Take-up 102 Vacancy 6.0 (Focal City, 5 th edition)

7 Overview Dresden 3.4 Prime rent Return 6.4 Take-up 83 Vacancy 10.2 Leipzig 3.5 Prime rent Return 6.3 Take-up 92 Vacancy 17.7 (Focal City, 4 th edition) Nuremberg 4.3 Prime rent Return 5.4 Take-up 65 Vacancy 6.8 (Focal City, 1 st edition) Essen 3.7 Prime rent Return 6.0 Take-up 70 Vacancy 4.8 Mainz 2.0 Prime rent Return 6.5 Take-up 28 Vacancy 5.7 Wiesbaden 2.7 Prime rent Return 6.3 Take-up 39 Vacancy 6.0 Hanover 5.4 Prime rent Return 5.8 Take-up 150 Vacancy 4.3 (Focal City, 3 rd edition) Mannheim 2.4 Prime rent Return 6.3 Take-up 48 Vacancy 5.9 Karlsruhe 2.8 Münster 2.6 Prime rent Prime rent Return 6.2 Return 6.3 Take-up 40 Take-up 78 Vacancy 4.8 Vacancy 3.5 Source: empirica, PMA, BulwienGesa, Wirtschaftsförderung der Städte

8 CORPUS SIREO BIG 7: BARELY ANY GROWTH OF PRIME RENTS AND RETURNS Frankfurt Remains Priciest Location, with Munich the Runner-up Interpretation: At 23.1 million sqm, Berlin remains the nation s largest office market. The prime rent equates to EUR / sqm, with a slightly upward trend. Floor area take-up and acquisition yields are likely to remain stable throughout the year, despite a solid market activity, whereas the vacancy rate of 6.1 % will decline slightly. City Trend Office stock (YoY change) (GLA, in MM. sqm) Prime rent stable EUR/sqm/month Yield rising Prime yield (in %) Take-up declining Net absorption (in sqm) Vacancy Vacancies (in %) 8

9 Overview Berlin 23.1 Prime rent Return 4.9 Take-up 640 Vacancy 6.1 Düsseldorf 9.0 Prime rent Return 5.1 Take-up 303 Vacancy 11.4 Frankfurt 12.4 Prime rent Return 4.9 Take-up 469 Vacancy 13.7 Hamburg 16.7 Prime rent Return 4.7 Take-up 432 Vacancy 7.0 Cologne 9.3 Prime rent Return 5.2 Take-up 249 Vacancy 7.8 Munich 16.9 Prime rent Return 4.7 Take-up 530 Vacancy 6.8 Stuttgart 9.1 Prime rent Return 5.0 Take-up 200 Vacancy 5.3 Source: empirica, PMA, BulwienGesa, Wirtschaftsförderung der Städte

10 CORPUS SIREO GAP BETWEEN RENT INDEX OF KEY REGIONAL CITIES AND BIG SEVEN CITIES IS WIDENING Steep Growth in Asking Rents in the Key Regional Cities during the First Half of 2013 The accelerated rental growth during the first six months of 2013 compared to the second semester of 2012 was driven by increases in the top segment of the office supply. Also, the percentage of high-priced properties has expanded since the start of 2013, whereas the share in affordable properties has proportionately declined. This meant that rent increase has been primarily be realised in the high-end segments given the current market environment, while low-priced properties are not thought to offer much of a margin for adjustment. Looking forward, the supply focus on high-end assets is likely to decline further. Accordingly, the second semester of 2013 is expected to bring moderate corrections of the rent level, and in 2014 to see a stable sideways trend. Interpretation of Regional Office Market Index The Regional Office Market Index shows the average asking rents of the 14 key regional cities since the first quarter of 2008 (= 100). Compared to long-term time series of adjusted reference indices, as well as in regard to the asking rents in the Big Seven cities, rent rates in the key regional cities showed a markedly superior performance. 10

11 Index Performance BENCHMARK COMPARISON (Q1/ Q4/2014) Upturn of the Regional Office Market Index in Regional Office Market Index Remains above the Asking Rent Index of the Big Seven Q Q Q Q Q Q Q * 2013 Q4* 2014 * 2014 Q4* *Forecast 14 Key Regional Cities: Big Seven Cities: Asking Rent Indices: German Regional Office Index Average Asking Rents Big Seven Cities Long Term Reference Indices: Average Rents Key Regional Cities Prime Rents Big Seven Cities Source: empirica Preisdatenbank (IDN Immodaten GmbH), empirica-systeme GmbH, PMA, BulwienGesa

12 CORPUS SIREO BUILDING AGE CATEGORIES: FAST RISE IN ASKING RENTS FOR HISTORIC BUILDING STOCK Keen Demand for Redeveloped Historic Buildings in Central Locations The trend observed during the second half of 2012 has continued: Rent rates for historic buildings built prior to 1945 often in central locations continue to register aboveaverage growth in virtually all regional office markets. Rent levels in /2013 averaged 8.40 / sqm. Price hikes for new buildings are driven by the building age category for properties built in 1995 or later: Between Q4/2012 and /2013, the quoted price average in this age category climbed by 4.7% to 9.10 / sqm. Rent levels for new buildings raised after 2011 actually achieved a mean price of / sqm, which is ultimately explained by high building standards and the improved energy efficiency. The index trend for the building age category representing the years 1945 through 1994, by contrast, continues its sideways trend of the previous quarters, suggesting that income potential remains limited and that demand-driven redevelopments are rarely a paying proposition. 12

13 Index Performance REGIONAL OFFICE MARKET INDEX BY AGE CATEGORIES (Q1/ /2013) Accelerating Differentiation by Age Group Redeveloped historic housing stock with substantial price hikes Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q before and after total Source: empirica Preisdatenbank (IDN Immodaten GmbH), empirica-systeme GmbH

14 CORPUS SIREO BRACKET OF ASKING RENTS WIDENS Steepest Growth Reported from Essen, Karlsruhe, Bonn and Dresden Essen, one of the key cities in the Ruhr area and headquarter location for many listed companies, registered a substantial rental uplift to 8.40 / sqm. Price drivers were historic buildings in central locations as well as new buildings. A matching trend was observed in Karlsruhe, where the rent level climbed to 9.00 / sqm. Centrally located units in this town are particularly sought among knowledge-intensive service providers. Bonn was the first amongst the 14 key regional cities to cross the 10 mark, and remained the most expensive location in /2013 at / sqm. Main price driver was particularly a larger market share of new buildings. Another city that experienced an above-average rental growth during the first semester of 2013 was Dresden: Reasons include the expansion of the inventory of new buildings and the rising rent rates for attractive historic buildings in central locations. At 7.80 / sqm, Dresden offers an excellent value-for-money ratio when put in context with the economic and political significance of the Saxon state capital. Rent hikes progresses at an average pace in Leipzig, Wiesbaden, Aachen and Hanover. In these four cities, asking rents have risen by about 3% since year-end Leipzig remains the most affordable regional office market in Germany with a rent average of barely 7.00 / sqm. Despite the fact that the share of new buildings has remained negligible, rent hikes for historic buildings in Leipzig, the Saxon trade-fair city, pushed rental levels up. At 9.70 / sqm, the Hessian state capital of Wiesbaden is the second priciest key regional city. The 4% rent increase registered here is due to the increased share of expensive historic building stock, which is particularly coveted by consultancy firms. The city of Aachen in North Rhine-Westphalia benefits from an enlarged share of new buildings, and an increased supply in central locations. The state capital of Lower Saxony, Hanover, registered a 2%-price hike, driven mainly by expensive historic buildings. 14

15 Index Performance ABSOLUTE RENT RATES* (Q1/2008 VS. /2013) Bonn by far the most expensive key regional city 12 / sqm / month % Leipzig Bremen Hanover Dresden Dortmund Nuremberg Essen Aachen Münster Karlsruhe Mannheim Mainz Bonn Wiesbaden *Arithmetic mean Q1/2008 /2013 Local Index Level /2013 Aachen Bonn Bremen Dortmund Dresden Essen Hanover Karlsruhe Leipzig Mainz Mannheim Münster Nuremberg Wiesbaden Source: empirica Preisdatenbank (IDN Immodaten GmbH), empirica-systeme GmbH

16 CORPUS SIREO DORTMUND SHOWS ONLY MODEST RENTAL GROWTH BUT HIGH PRIME RENTS Dortmund and Münster Register Stable Rental Growth The rent levels in these two office markets in Westphalia have remained unchanged since Q4/2012. In Münster, the average asking rent rose by 1% to 9.10 / sqm. During H1 2013, the market share of high-priced properties in this city, which is characterised by higher education institutions, public sector services, and a widely diversified economic structure, showed a decline compared to Q4/2012. The price upside in Münster, while rather modest, extended across the entire supply spectrum. With an average asking rent of approximately 8.00 / sqm, Dortmund counts among the affordable key regional cities. Rent rates in the Westphalian city have barely moved since the end of This goes for all quality segments and all locations. Compared to the other key regional cities, historic buildings (raised before 1945) on the Dortmund market are rather affordable because properties belonging in the building age category are mainly situated in the socially challenged northern periphery of the inner city. Inversely, this makes properties dating back to the 1970s and 1980s in more or less central locations pricier than in other key regional cities. Sluggish Growth in Mainz, Mannheim, Nuremberg and Bremen Average rent rates in these four cities have slightly softened since Q4/2012. The negative rental growth in Mainz, the state capital of Rhineland-Palatinate, is attributable to a reduced market share of properties in central locations and lower rates for historic buildings. Nonetheless, Mainz continues to range among the most expensive 16

17 Index Performance regional office markets in Germany with an average rent of 9.10 / sqm. Mannheim, which is part of the dynamic Rhine-Neckar metro area, underwent a similar development, with historic buildings subject to softening rents and the number of properties in central locations decreasing. At the moment, the average asking rents realised here equal 8.80 / sqm. Nuremberg, largest city of the Franconia region, presents a different picture: While the percentage of centrally located assets has declined here as well, rental growth is negatively impacted by a regressive trend in new buildings coming on-stream. Nuremberg s rent average of 8.00 / sqm thus exceeds the level in Dortmund. The rental dip in Bremen since Q4/2012 is explained by lower asking rents in the medium segment that the increased share of the high-end segment failed to compensate. 17

18 CORPUS SIREO STABLE ASKING RENTS IN THE BIG SEVEN CITIES Munich and Berlin Report Above-Average Rent Hikes Compared to the year-end level 2012, the average asking rents rose only in Munich and Berlin during the first semester With an average of / sqm, Munich remains the priciest office location among the Big Seven. In fact the gap to Frankfurt ( / sqm) continued widening albeit slightly. However, this applies only to the asking rent average, as Frankfurt remains squarely in the lead with / sqm. The steepest growth in asking rents among the Big Seven cities was registered in Berlin at 2.8%. The best aspect being that the growth was felt across the entire supply spectrum. This means that the German capital kept closing the gap, having past Cologne and Stuttgart with a rent average of / sqm. Stable Asking Rents Everywhere Except in Stuttgart Average asking rents in five of the Class A markets with exception of Berlin and Munich barely increased at all. In one of them, Stuttgart, asking rents actually slipped by -2% since the end of This was in parts due to a reduced supply in the high-priced segment. The fact that Baden-Württemberg s state capital cannot expand beyond the geographic confines of its valley location has played a key role here. At / sqm, Stuttgart s office market remains the most affordable one among the Big Seven cities. 18

19 Index Performance ABSOLUTE RENT RATES* (Q1/2008 VS. /2013) Frankfurt and Munich in the Lead 16 / sqm / month % Stuttgart Berlin Cologne Hamburg Düsseldorf Frankfurt Munich 80 *Arithmetic mean Q1/2008 /2013 Local Index Level /2013 Munich Frankfurt Berlin Stuttgart Cologne Hamburg Düsseldorf Source: empirica Preisdatenbank (IDN Immodaten GmbH), empirica-systeme GmbH 2012/13 19

20 CORPUS SIREO DORTMUND: YOUNG OFFICE MARKET WITH HIGH TAKE UP AND PRIME RENTS Dortmund s Office Market characterised by Large-Scale New Developments Judging by the size of its population, Dortmund is home to a comparatively small office market. Here is why: For the longest time, Dortmund was defined by industrial structures, and the emergence of a functional office market is a recent development. Lately, the city has played in the premier league of regional locations in terms of take-up, as if to match the prominence of its football team: An office area take-up of 100,000 sqm in 2012 marked a five-year peak. The average asking rent in Dortmund was just under 8.00 / sqm in /2013. Within the group of the 14 key regional cities, and with a view to the city s great national transportation access, this represents an excellent cost / performance ratio. The prime rent quoted ( / sqm) puts Dortmund squarely in the top segment. It benefits from a low vacancy level of 6%, which is likely to keep reducing during the foreseeable future. The present stock of offices and office hubs in Dortmund was created over the past two decades. Several office locations underwent dedicated development in addition to the city centre. These include the technology park in the south-western and the Stadtkrone quarter in the eastern part of tthe city. The most recent developments see the emergence of the lakeside areas near Phoenix See. Deviation from averange rent in Dortmund (=0) Build-up area Green space Other area below to to to -5-5 to 5 5 to to to to 50 above 50 20

21 Focal City DORTMUND OFFICE MARKET Asking Rent Level (Q1/ /2013) Source: empirica-systeme GmbH, Infas Geodaten GmbH

22 CORPUS SIREO STRATEGIC DEVELOPMENT OF NEW LOCATIONS DEFINES DORTMUND S OFFICE MARKET An interview with Ullrich Sierau, Lord Mayor of Dortmund, on the latest office market trends in the city. What is the distinguishing feature of Dortmund s office market? For one thing, rents are stable in Dortmund, both average rents and the prime rents, and the city shows an excellent cost/ performance ratio. The market is defined by developments for owner-occupiers whereas speculation construction projects are the exception. The broad-based supply portfolio is not least the result of a dedicated municipal planning effort to develop office locations. The ongoing nationwide campaign to market office accommodation in the city is aimed at the financial and insurance sectors. What are the current development themes of Dortmund s office market? The next two years will be defined by two new office locations in the southern part of Dortmund: the areas around Phoenix-See, on the one hand, and Phoenix-West, on the other hand. The lake shore of Phoenix-See will become a mixed urban quarter in attractive waterfront location. At the moment, 25,000 sqm of office space are under development, most of it in the form of small-scale and architecturally ambitious buildings (e.g. Riva 1, Dock 19). In Phoenix-West, an office scheme of 15,000 sqm is under construction on an industrial brownfield site. Also, a creativity centre with 6,000 sqm of office space is being developed at the Dortmunder U complex downtown, to be completed by What is the outlook for this year and next year? Average rents and prime rents as well as gross initial yields will show a lateral trend in the coming months, because there is nothing to suggest that supply is drying up. This stable market environment is conducive to a further reduction of vacancies through redevelopment and conversion measures. Recent cases in points include the former West LB building (9,000 sqm) which is being converted into a medical centre, or the planned alteration of the WestHyp building (15,000 sqm) into a hotel. 22

23 Focal City DORTMUND INDEX TREND (Q1/2008 VS. /2013) Pinpoint development of remote office locations will erase the distinction between inner city and periphery 120 Stable asking rent trend across the city Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Center Periphery Source: empirica Preisdatenbank (IDN Immodaten GmbH), empirica-systeme GmbH 2012/13 23

24 CORPUS SIREO DOWNTOWN DORTMUND FEW HISTORIC BUILDINGS 1 Hohe Straße 80 2 Florianstraße Lettable area 8,800 sqm Main tenant DTAG Year of construction 1985 Lettable area 32,400 sqm Main tenant DTAG Year of construction 1980 Selected Reference Transactions Period Property Floor area Buyer /2013 Kleppingstraße 3,000 sqm private investor Q4/2012 Harpen-Zentrale, Voßkuhl 38 6,500 sqm Harpen Immobilien Q4/2012 Märkische Straße 86 2,500 sqm private investor Q3/2013 ehem. Hauptsitz Hoesch Union 15,000 sqm Peach Property Group Q3/2012 Westenhellweg 52 3,700 sqm Aachener Grundvermögen Q3/2012 Rheinische Straße ,700 sqm Peach Property Group Deviation from averange rent in Dortmund (=0) Build-up area Green space Other area below to to to -5-5 to 5 5 to to to to 50 above 50 24

25 Focal City DORTMUND OFFICE MARKET Asking rent level (Q1/ /2013) SCHARNHORST INNENSTADT- NORD BRACKEL INNENSTADT- WEST INNENSTADT- OST APLERBECK HOMBRUCH HÖRDE Source: empirica-systeme GmbH, Infas Geodaten GmbH

26 CORPUS SIREO METHODOLOGY The quoted prices for office properties as represented in the images and maps are the result of an evaluation of the empirica price database (source: IDN Immodaten GmbH) and the price database of empirica-systeme GmbH. Together, both sources capture around 2 million online real estate ads from more than 100 sources (e.g. major real estate portals or dailies), thereby covering a large share of the German real estate market. In order to achieve a high degree of valid results, the office ads are filtered in a graduated cleansing process. In a first step, recurrent listings are isolated by matching multiple characteristics. In a second step, improbable ads are removed from the data record by setting threshold values. Nearly 4 million ads entered into the evaluation for the time period between Q1/2008 and /2013. The GERMANY 21: Regional Office Index profiles average rents, calculated as arithmetic medians. The transition of the data source, from empirica price database (source: IDN Immodaten GmbH) to the price database of empirica systeme GmbH, necessitated a conversion of the absolute rent rates mapped by the index for each city for 26

27 Methodology Q1/2008. The rent increases identified by either source are used to determine the retrospectively calculated rents listed on pages 15 and 19. The asking rent level of the City of Dortmund (pp. 21 and 25) represent zones of identical rent rates in the city s office quarters as deviation from the city s average, and irrespective of urban district boundaries. This identifies not only the office rent price structure within a given city, but also highlights the price differences within a given district. Methodologically speaking, the asking rent level is based on a geostatic process that links price quotes from the years 2012 and 2013 geographically, down to the very address. For greater plausibility, the findings are finally coordinated with office market experts on the ground. The empirica office job forecast for the regional planning regions (p. 5) is based on the empirica job forecast and a forecast for the office job ratios in 60 business departments (backed by a regression analysis of the office job ratio). 27

28 CORPUS SIREO EMPIRICA AG empirica ag empirica, an independent economics and social science research and consulting firm, consists of three offices: empirica Forschung und Beratung AG in Berlin, its branch office in Bonn, and komet-empirica Regionalentwicklung, Stadtentwicklung, Immobilienforschung GmbH in Leipzig. empirica advises national, regional and international institutions as well as private clients in the areas real estate markets, economic research, as well as urban and regional planning, and maintains proprietary databases (the empirica-preisdatenbank price database, the empirica-leerstandsindex vacancy index, the empirica-regionalprognosen regional forecasts, and the empirica-quartiersdatenbank ward database). empirica ag is member of the Rat der Weisen council of real estate experts that regularly submits a spring report on the forward-looking trend of Germany s key real estate segments. For more information about empirica, go to empirica-systeme GmbH empirica-systeme GmbH specialises in the processing, analysis and provision of real estate market data. The empirica-systeme market database that the company maintains counts among the largest and most detailed databases for the German real estate market. The empirica analyst tool provides drilldown access down to the property level permitting the use of numerous variables on location, fit-out, and repair of each property, as well as tools for differentiated market analyses. Methodological, technological and advisory competence complement the service spectrum. For more information about empirica systeme GmbH, go to 28

29 About empirica 29

30 CORPUS SIREO PUBLISHED BY: CORPUS SIREO ASSET MANAGEMENT COMMERCIAL GMBH With a total of 16.2 million square metres of commercial and residential property space worth more than 16.5 billion Euros in assets under management*, the Colognebased CORPUS SIREO employs a staff of around 560 professionals at 11 locations in Germany and Luxembourg. This makes the company Germany s biggest asset manager. The company is also the market leader in regard to its workforce. About 235 professionals are exclusively assigned to asset management accounts, covering seven asset classes (office, residential, retail, logistics, healthcare, production/ technology, others). Accordingly, even rival companies rate CORPUS SIREO as the chief competitor on the market. (These are the findings of the Real Estate Asset Management Report 2013 by Bell Management Consultants.) To investors, banks, and companies with proprietary real estate portfolios, CORPUS SIREO offers investment management and asset management services along the entire real estate supply chain. Moreover, the company acts as broker and project developer for owner-occupiers and investors. For more informations go to *as of September

31 About CORPUS SIREO Hamburg Berlin Düsseldorf Cologne Bonn Leipzig Frankfurt Luxembourg Nuremberg Stuttgart Munich 31

32 CORPUS SIREO CONTACT DATA Your Contact Roy Brümmer Managing Director CORPUS SIREO Asset Management Commercial GmbH Transaction Mgmt. & Letting Douglas Edwards Managing Director CORPUS SIREO Investment Management S.à r. l. Jahnstrasse Heusenstamm Tel a, rue Albert Borschette Plateau de Kirchberg, L-1246 Luxembourg Tel

33 Contact Contact for Relatet Issues Martin Lippmann CORPUS SIREO Asset Management Commercial GmbH Thomas Abraham empirica ag Jahnstrasse Heusenstamm Tel Kaiserstr Bonn Tel Follow us on: 33

34 CORPUS SIREO CORPUS SIREO IS GERMANYS LEADING ASSET MANAGER Ausgezeichnet im Asset Management Report 2012: CORPUS SIRE O belegt den Spitzenplatz in Deutschland CORPUS SIREO Takes Lead in Bell Real Estate Management Report 2013 With 16.2 billion under management across asset categories, CORPUS SIREO defended its top score in the Bell Real Estate Asset Management Report 2013, taking the lead for the third time in a row. This is the outcome of a survey that Bell, a Cologne-bases consultancy and market research company, conducted among 27 German asset managers. CORPUS SIREO also placed first in the Total managed space category with 15.4 million square metres under management. Finally, it scored top positions in the categories Exit volume with a total of 1.1 billion euros and New lettings with 620,000 square metres let. CORPUS SIREO the Most Valuable Asset Management Brand This is the upshot of the REAL ESTATE BRAND VALUE STUDY, the first and largest brand ranking for Germany s real estate industry. Rather than being jurypicked, the ranking was determined via a comprehensive and empirical market research survey. The underlying basis is the purpose-built REAL ESTATE BRAND POTENZIAL INDEX. The scientific brand valuation approach involves a representative online poll in the B2B sector that covers around 1,000 brands from essential or definitive areas of the real estate economy per year. 34

35 Awards 2013 Corporate Compliance Award for Mid-Market Companies Goes to CORPUS SIREO Compliance magazine honoured COR- PUS SIREO with its Corporate Compliance Award 2013 in the SME segment. CORPUS SIREO received the award in recognition of its successful development and implementation of a compliance management system. The reasons the independent jury cited for its judgement also included the exemplary role CORPUS SIREO has played in the compliance area, and commended the deployment specifically against the background of comparatively limited resources of SMEs. 35

36 A Product of: klimaneutral natureoffice.com DE gedruckt COPYRIGHT: All rights to this edition reserved. Reprinting, including excerpts, subject to prior written permission. Photographs, charts, and layout designed by the editorial desk are protected by applicable copyright laws. The data and information contained in this publication are based on publicly available sources that the editor deems trustworthy. The CORPUS SIREO group of companies assumes no warranty regarding the accuracy or completeness of the information. Any opinion offered represents the current assessment of the editor. No warranty is assumed in regard to the opinions and forecasts ventured. Specifically, no liability is assumed for future developments in the real estate economy. The data and information contained in this publication is subject to change without notice both during the time of its publication and thereafter. Status: September 2013